The funding round was led by QI Ventures and also saw participation from some existing investors
Siply offers micro-saving investment opportunities, credit solutions and insurance policies to consumers
Siply has over 6 Mn active accounts and has clocked more than 8.5 Mn transactions to date
Fintech startup Siply has raised $19 Mn through a mix of debt and equity financing in its pre-Series A funding round led by QI Ventures.
The round also saw participation from existing investors LetsVenture and JITO, and angel investor Vivek Sunder of Cuemath.
Siply will deploy the funds to make its business cash positive and acquire companies in the fintech space. It will also use the capital to launch its chit fund.
Founded in 2020 by Sousthav Chakrabarty and Anil Bhat, the Bengaluru-based startup offers micro-saving investment opportunities, credit solutions and insurance policies to consumers. In the micro-saving category, it allows users to invest in gold and equity stocks. In the credit category, it offers advanced salary loans, whilst in the insurance category, it provides accidental and group insurance to users.
In November 2021, Siply secured $3.2 Mn in its pre-Series A funding round from LetsVenture, AngelList India, Founder Room Circle, Kunal Shah, Beerud Sheth, Satish Grampurohit, Shanti Mohan and Prateek Agarwal. Prior to it, the startup had raised $1 Mn in a seed funding round in January last year.
Siply has over 6 Mn active accounts and has clocked more than 8.5 Mn transactions to date. Over the past 12 months, it has disbursed over INR 149 Cr through 1,50,000 loans to users, it said in a statement.
Siply claims to have a revenue run rate of $1 Mn currently. It aims to achieve a $12 Mn revenue run rate and $80 Mn of assets under management (AUM) by March 2023.
The startup competes with the likes of Decimal, Smallcase, Niyo and Jar in the investment tech segment.
According to an Inc42 report, India’s investment tech sector secured $379 Mn in funding between 2015 and 2020. The sector is poised to reach a size of $14 Bn, growing at a CAGR of 22.4% by 2025.
The sector is witnessing a slew of business activities lately. This month, alternate investment platform Jiraaf secured $7.5 Mn in its Series A funding round from Accel Partners, Mankekar Family Office, and Dr. Bhaskar Shah from Aspire Family Office.
Besides, Kotak Investment, a subsidiary of Kotak Mahindra Bank, launched an investment management platform named Kotak Cherry. The platform offers a slew of investment opportunities such as stocks, bonds, mutual funds, and fixed deposits.
In May, wealth management startup AssetPlus garnered $3.6 Mn from investors, including Bhupinder Singh of InCred, Zerodah’s Nithin Kamath, and Swaroop Kittu Kolluri.